Toronto-based Findore Minerals (COATS) says Morgain Minerals (VSE) and Orcana Resources (VSE) have dropped their option to earn 65% on five patented Garrison Twp., Ont., claims which Findore holds under option from Newfield Mines. Morgain and Orcana failed to make a $50,000 option payment to Newfield by Dec. 15. Earlier in 1990, Newfield merged with Jonpol Explorations (TSE).
Due to the current state of financial markets and its own lack of working capital, Findore says it has failed to exercise an option on the patented claims which have been returned to Newfield.
Orcana and Morgain have also dropped their option to earn a 50% stake in an additional 21 unpatented Garrison Twp. claims which remain in good standing until 1992. Findore says it has no plans to pursue any further exploration activity on the claims.
Be the first to comment on "Orcana, Morgain drop Findore bet"